Auction Technology Group PLC (ATG) has announced the result of a secondary sale of ordinary shares through a Placing. The sale involved TA Associates, who sold approximately 6.1 million ordinary shares at a price of 525 pence per ordinary share, raising gross proceeds of around £32 million. Following the Placing, TA Associates will hold approximately 15.3 million ordinary shares, representing about 12.6% of ATG's issued share capital. The Sellers will be locked up in respect of their residual holdings until 60 days post settlement of the Placing, subject to customary exceptions.
J.P. Morgan Securities plc acted as the sole global coordinator and sole bookrunner in connection with the Placing. ATG will not receive any proceeds from the Placing. The announcement also includes important notices regarding the distribution of this announcement, stating that it is not for publication or distribution in certain jurisdictions, including the United States, Canada, Australia, South Africa, Japan, or any other jurisdiction where such an announcement would be unlawful.
The announcement emphasizes that the Placing Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or under the securities laws of any State or any other jurisdiction of the United States. It also provides specific details regarding the distribution of the announcement in the European Economic Area and the United Kingdom.
The announcement concludes by stating that no prospectus or offering document has been or will be prepared in connection with the Placing, and any investment decision must be made on the basis of all publicly available information relating to ATG and its shares. The information contained in the announcement is for background purposes and has not been independently verified.